UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-00790
Fidelity Trend Fund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | December 31 |
Date of reporting period: | June 30, 2022 |
Item 1.
Reports to Stockholders
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 11.2 | |
Amazon.com, Inc. | 7.2 | |
Apple, Inc. | 6.2 | |
Alphabet, Inc. Class A | 5.2 | |
MasterCard, Inc. Class A | 5.0 | |
Tesla, Inc. | 3.4 | |
NVIDIA Corp. | 2.9 | |
Eli Lilly & Co. | 2.3 | |
Microchip Technology, Inc. | 1.4 | |
Zoetis, Inc. Class A | 1.3 | |
46.1 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 43.8 | |
Consumer Discretionary | 21.4 | |
Health Care | 11.0 | |
Communication Services | 7.5 | |
Industrials | 6.2 | |
Financials | 6.2 | |
Consumer Staples | 1.7 | |
Energy | 0.7 | |
Utilities | 0.5 | |
Real Estate | 0.1 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 10.2% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 99.1% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 7.5% | |||
Entertainment - 0.9% | |||
Live Nation Entertainment, Inc. (a) | 246,200 | 20,331 | |
Interactive Media & Services - 5.3% | |||
Alphabet, Inc. Class A (a) | 53,467 | 116,518 | |
IAC (a) | 28,527 | 2,167 | |
118,685 | |||
Media - 0.8% | |||
Charter Communications, Inc. Class A (a) | 36,100 | 16,914 | |
Wireless Telecommunication Services - 0.5% | |||
T-Mobile U.S., Inc. (a) | 89,500 | 12,041 | |
TOTAL COMMUNICATION SERVICES | 167,971 | ||
CONSUMER DISCRETIONARY - 21.4% | |||
Automobiles - 3.9% | |||
Ferrari NV | 61,700 | 11,321 | |
Tesla, Inc. (a) | 114,330 | 76,992 | |
88,313 | |||
Hotels, Restaurants & Leisure - 4.7% | |||
Airbnb, Inc. Class A (a) | 146,700 | 13,068 | |
Booking Holdings, Inc. (a) | 10,700 | 18,714 | |
Caesars Entertainment, Inc. (a) | 280,000 | 10,724 | |
Chipotle Mexican Grill, Inc. (a) | 14,968 | 19,567 | |
Compass Group PLC | 752,916 | 15,458 | |
Hilton Worldwide Holdings, Inc. | 163,324 | 18,201 | |
Marriott International, Inc. Class A | 70,400 | 9,575 | |
105,307 | |||
Internet & Direct Marketing Retail - 8.5% | |||
Amazon.com, Inc. (a) | 1,530,900 | 162,597 | |
Etsy, Inc. (a) | 86,900 | 6,362 | |
Global-e Online Ltd. (a) | 275,000 | 5,547 | |
Lyft, Inc. (a) | 415,400 | 5,517 | |
Uber Technologies, Inc. (a) | 575,565 | 11,776 | |
191,799 | |||
Leisure Products - 0.1% | |||
Callaway Golf Co. (a) | 58,854 | 1,201 | |
Specialty Retail - 1.3% | |||
Industria de Diseno Textil SA | 316,600 | 7,195 | |
RH (a) | 26,346 | 5,592 | |
TJX Companies, Inc. | 245,850 | 13,731 | |
Victoria's Secret & Co. (a) | 66,533 | 1,861 | |
28,379 | |||
Textiles, Apparel & Luxury Goods - 2.9% | |||
Capri Holdings Ltd. (a) | 173,504 | 7,115 | |
Hermes International SCA | 18,900 | 21,133 | |
lululemon athletica, Inc. (a) | 21,900 | 5,970 | |
LVMH Moet Hennessy Louis Vuitton SE | 39,330 | 24,104 | |
Moncler SpA | 185,000 | 7,935 | |
66,257 | |||
TOTAL CONSUMER DISCRETIONARY | 481,256 | ||
CONSUMER STAPLES - 1.7% | |||
Beverages - 0.6% | |||
Monster Beverage Corp. (a) | 147,959 | 13,716 | |
Food & Staples Retailing - 0.7% | |||
Costco Wholesale Corp. | 32,647 | 15,647 | |
Personal Products - 0.4% | |||
Estee Lauder Companies, Inc. Class A | 31,900 | 8,124 | |
TOTAL CONSUMER STAPLES | 37,487 | ||
ENERGY - 0.7% | |||
Oil, Gas & Consumable Fuels - 0.7% | |||
Pioneer Natural Resources Co. | 69,800 | 15,571 | |
FINANCIALS - 6.2% | |||
Banks - 0.4% | |||
HDFC Bank Ltd. sponsored ADR | 136,998 | 7,529 | |
Capital Markets - 4.2% | |||
Ares Management Corp. | 255,700 | 14,539 | |
BlackRock, Inc. Class A | 12,359 | 7,527 | |
Brookfield Asset Management, Inc. Class A | 251,800 | 11,198 | |
CME Group, Inc. | 92,300 | 18,894 | |
Intercontinental Exchange, Inc. | 118,700 | 11,163 | |
Moody's Corp. | 59,511 | 16,185 | |
MSCI, Inc. | 36,313 | 14,966 | |
94,472 | |||
Insurance - 1.6% | |||
Arthur J. Gallagher & Co. | 127,700 | 20,820 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 1,826 | 81 | |
Marsh & McLennan Companies, Inc. | 97,600 | 15,152 | |
36,053 | |||
TOTAL FINANCIALS | 138,054 | ||
HEALTH CARE - 11.0% | |||
Biotechnology - 0.4% | |||
Horizon Therapeutics PLC (a) | 107,300 | 8,558 | |
Health Care Equipment & Supplies - 2.6% | |||
Align Technology, Inc. (a) | 28,200 | 6,674 | |
Boston Scientific Corp. (a) | 2,192 | 82 | |
Hoya Corp. | 109,800 | 9,375 | |
IDEXX Laboratories, Inc. (a) | 25,655 | 8,998 | |
Insulet Corp. (a) | 38,813 | 8,459 | |
Masimo Corp. (a) | 77,587 | 10,138 | |
Stryker Corp. | 71,207 | 14,165 | |
57,891 | |||
Health Care Providers & Services - 1.1% | |||
Privia Health Group, Inc. (a)(b) | 423,400 | 12,329 | |
UnitedHealth Group, Inc. | 23,400 | 12,019 | |
24,348 | |||
Health Care Technology - 0.5% | |||
Inspire Medical Systems, Inc. (a) | 54,100 | 9,882 | |
Veeva Systems, Inc. Class A (a) | 7,000 | 1,386 | |
11,268 | |||
Life Sciences Tools & Services - 2.8% | |||
Danaher Corp. | 63,300 | 16,048 | |
Sartorius Stedim Biotech | 32,400 | 10,162 | |
Thermo Fisher Scientific, Inc. | 37,160 | 20,188 | |
West Pharmaceutical Services, Inc. | 59,057 | 17,857 | |
64,255 | |||
Pharmaceuticals - 3.6% | |||
Eli Lilly & Co. | 157,751 | 51,148 | |
Zoetis, Inc. Class A | 176,300 | 30,304 | |
81,452 | |||
TOTAL HEALTH CARE | 247,772 | ||
INDUSTRIALS - 6.2% | |||
Aerospace & Defense - 3.1% | |||
Axon Enterprise, Inc. (a) | 115,617 | 10,772 | |
HEICO Corp. Class A | 192,488 | 20,284 | |
Howmet Aerospace, Inc. | 736,400 | 23,160 | |
TransDigm Group, Inc. (a) | 31,177 | 16,732 | |
70,948 | |||
Commercial Services & Supplies - 1.0% | |||
Cintas Corp. | 58,403 | 21,815 | |
Machinery - 0.5% | |||
Nordson Corp. | 58,533 | 11,849 | |
Professional Services - 0.5% | |||
CoStar Group, Inc. (a) | 199,570 | 12,056 | |
Road & Rail - 0.7% | |||
Old Dominion Freight Lines, Inc. | 59,400 | 15,223 | |
Trading Companies & Distributors - 0.4% | |||
AerCap Holdings NV (a)(b) | 203,500 | 8,331 | |
TOTAL INDUSTRIALS | 140,222 | ||
INFORMATION TECHNOLOGY - 43.8% | |||
Electronic Equipment & Components - 0.7% | |||
Novanta, Inc. (a) | 130,595 | 15,837 | |
IT Services - 8.7% | |||
Cloudflare, Inc. (a) | 82,746 | 3,620 | |
Dlocal Ltd. (b) | 437,000 | 11,471 | |
EPAM Systems, Inc. (a) | 81,586 | 24,050 | |
Gartner, Inc. (a) | 76,730 | 18,556 | |
Globant SA (a)(b) | 130,531 | 22,712 | |
MasterCard, Inc. Class A | 355,937 | 112,291 | |
Snowflake, Inc. (a) | 24,800 | 3,449 | |
TDCX, Inc. ADR | 8,200 | 76 | |
196,225 | |||
Semiconductors & Semiconductor Equipment - 10.0% | |||
Advanced Micro Devices, Inc. (a) | 237,700 | 18,177 | |
ASML Holding NV | 32,102 | 15,277 | |
GlobalFoundries, Inc. | 276,500 | 11,154 | |
Lam Research Corp. | 38,517 | 16,414 | |
Marvell Technology, Inc. | 450,200 | 19,597 | |
Microchip Technology, Inc. | 555,076 | 32,239 | |
Monolithic Power Systems, Inc. | 56,800 | 21,813 | |
NVIDIA Corp. | 428,436 | 64,947 | |
Qualcomm, Inc. | 149,900 | 19,148 | |
Renesas Electronics Corp. (a) | 496,300 | 4,491 | |
223,257 | |||
Software - 18.2% | |||
Adobe, Inc. (a) | 69,434 | 25,417 | |
ANSYS, Inc. (a) | 33,691 | 8,062 | |
Autodesk, Inc. (a) | 74,229 | 12,764 | |
Cadence Design Systems, Inc. (a) | 150,769 | 22,620 | |
CCC Intelligent Solutions Holdings, Inc. (a)(c) | 27,668 | 255 | |
Coupa Software, Inc. (a) | 31,064 | 1,774 | |
Datadog, Inc. Class A (a) | 40,700 | 3,876 | |
Digital Turbine, Inc. (a) | 105,300 | 1,840 | |
Dynatrace, Inc. (a) | 125,800 | 4,962 | |
Five9, Inc. (a) | 92,087 | 8,393 | |
Fortinet, Inc. (a) | 337,500 | 19,096 | |
GitLab, Inc. | 2,800 | 149 | |
Intuit, Inc. | 35,821 | 13,807 | |
Microsoft Corp. | 977,600 | 251,082 | |
Paycom Software, Inc. (a) | 34,900 | 9,776 | |
Salesforce.com, Inc. (a) | 116,937 | 19,299 | |
The Trade Desk, Inc. (a) | 152,770 | 6,400 | |
409,572 | |||
Technology Hardware, Storage & Peripherals - 6.2% | |||
Apple, Inc. | 1,019,576 | 139,396 | |
TOTAL INFORMATION TECHNOLOGY | 984,287 | ||
REAL ESTATE - 0.1% | |||
Real Estate Management & Development - 0.1% | |||
Zillow Group, Inc. Class A (a) | 32,500 | 1,034 | |
UTILITIES - 0.5% | |||
Electric Utilities - 0.3% | |||
NextEra Energy, Inc. | 87,600 | 6,785 | |
Independent Power and Renewable Electricity Producers - 0.2% | |||
Brookfield Renewable Corp. (b) | 133,763 | 4,763 | |
TOTAL UTILITIES | 11,548 | ||
TOTAL COMMON STOCKS (Cost $1,550,627) | 2,225,202 | ||
Money Market Funds - 1.9% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 1.58% (d) | 23,197,268 | 23,202 | |
Fidelity Securities Lending Cash Central Fund 1.58% (d)(e) | 21,011,867 | 21,014 | |
TOTAL MONEY MARKET FUNDS (Cost $44,216) | 44,216 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $1,594,843) | 2,269,418 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (23,300) |
NET ASSETS - 100.0% | 2,246,118 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $255,000 or 0.0% of net assets. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
CCC Intelligent Solutions Holdings, Inc. | 2/02/21 | 277 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 1.58% | 4,208 | 220,338 | 201,344 | 17 | - | - | 23,202 | 0.0% |
Fidelity Securities Lending Cash Central Fund 1.58% | 29,085 | 159,272 | 167,343 | 15 | - | - | 21,014 | 0.1% |
Total | 33,293 | 379,610 | 368,687 | 32 | - | - | 44,216 |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 167,971 | 167,971 | - | - |
Consumer Discretionary | 481,256 | 434,499 | 46,757 | - |
Consumer Staples | 37,487 | 37,487 | - | - |
Energy | 15,571 | 15,571 | - | - |
Financials | 138,054 | 138,054 | - | - |
Health Care | 247,772 | 247,772 | - | - |
Industrials | 140,222 | 140,222 | - | - |
Information Technology | 984,287 | 979,796 | 4,491 | - |
Real Estate | 1,034 | 1,034 | - | - |
Utilities | 11,548 | 11,548 | - | - |
Money Market Funds | 44,216 | 44,216 | - | - |
Total Investments in Securities: | 2,269,418 | 2,218,170 | 51,248 | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amount) | June 30, 2022 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $20,340) - See accompanying schedule: | $2,225,202 | |||
Unaffiliated issuers (cost $1,550,627) | ||||
Fidelity Central Funds (cost $44,216) | 44,216 | |||
Total Investment in Securities (cost $1,594,843) | $ | 2,269,418 | ||
Receivable for fund shares sold | 91 | |||
Dividends receivable | 460 | |||
Distributions receivable from Fidelity Central Funds | 6 | |||
Other receivables | 4 | |||
Total assets | 2,269,979 | |||
Liabilities | ||||
Payable for fund shares redeemed | $1,902 | |||
Accrued management fee | 577 | |||
Other affiliated payables | 337 | |||
Other payables and accrued expenses | 35 | |||
Collateral on securities loaned | 21,010 | |||
Total Liabilities | 23,861 | |||
Net Assets | $ | 2,246,118 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,510,840 | ||
Total accumulated earnings (loss) | 735,278 | |||
Net Assets | $ | 2,246,118 | ||
Net Asset Value , offering price and redemption price per share ($2,246,118 ÷ 19,872 shares) | $ | 113.03 | ||
Statement of Operations | ||||
Amounts in thousands | Six months ended June 30, 2022 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 6,801 | ||
Income from Fidelity Central Funds (including $15 from security lending) | 32 | |||
Total Income | 6,833 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 7,431 | ||
Performance adjustment | (1,231) | |||
Transfer agent fees | 1,842 | |||
Accounting fees | 411 | |||
Custodian fees and expenses | 13 | |||
Independent trustees' fees and expenses | 5 | |||
Registration fees | 38 | |||
Audit | 31 | |||
Legal | 4 | |||
Interest | 4 | |||
Miscellaneous | 6 | |||
Total expenses before reductions | 8,554 | |||
Expense reductions | (49) | |||
Total expenses after reductions | 8,505 | |||
Net Investment income (loss) | (1,672) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 64,121 | |||
Foreign currency transactions | (47) | |||
Total net realized gain (loss) | 64,074 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (1,247,232) | |||
Assets and liabilities in foreign currencies | (9) | |||
Total change in net unrealized appreciation (depreciation) | (1,247,241) | |||
Net gain (loss) | (1,183,167) | |||
Net increase (decrease) in net assets resulting from operations | $ | (1,184,839) |
Statement of Changes in Net Assets | ||||
Amounts in thousands | Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (1,672) | $ | (13,910) |
Net realized gain (loss) | 64,074 | 251,218 | ||
Change in net unrealized appreciation (depreciation) | (1,247,241) | 459,748 | ||
Net increase (decrease) in net assets resulting from operations | (1,184,839) | 697,056 | ||
Distributions to shareholders | (22,283) | (276,942) | ||
Share transactions | ||||
Proceeds from sales of shares | 95,155 | 560,858 | ||
Reinvestment of distributions | 20,442 | 255,600 | ||
Cost of shares redeemed | (244,765) | (881,677) | ||
Net increase (decrease) in net assets resulting from share transactions | (129,168) | (65,219) | ||
Total increase (decrease) in net assets | (1,336,290) | 354,895 | ||
Net Assets | ||||
Beginning of period | 3,582,408 | 3,227,513 | ||
End of period | $ | 2,246,118 | $ | 3,582,408 |
Other Information | ||||
Shares | ||||
Sold | 677 | 3,505 | ||
Issued in reinvestment of distributions | 135 | 1,584 | ||
Redeemed | (1,784) | (5,522) | ||
Net increase (decrease) | (972) | (433) | ||
Fidelity® Trend Fund |
Six months ended (Unaudited) June 30, 2022 | Years ended December 31, 2021 | 2020 | 2019 | 2018 | 2017 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 171.87 | $ | 151.69 | $ | 108.10 | $ | 87.41 | $ | 99.60 | $ | 84.03 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.08) | (.66) | (.23) | .30 | .23 | .32 | ||||||
Net realized and unrealized gain (loss) | (57.68) | 34.24 | 50.55 | 30.82 | (2.85) | 24.16 | ||||||
Total from investment operations | (57.76) | 33.58 | 50.32 | 31.12 | (2.62) | 24.48 | ||||||
Distributions from net investment income | - | - | (.06) | (.25) | (.22) C | (.35) | ||||||
Distributions from net realized gain | (1.08) | (13.40) | (6.68) | (10.18) | (9.34) C | (8.56) | ||||||
Total distributions | (1.08) | (13.40) | (6.73) D | (10.43) | (9.57) D | (8.91) | ||||||
Net asset value, end of period | $ | 113.03 | $ | 171.87 | $ | 151.69 | $ | 108.10 | $ | 87.41 | $ | 99.60 |
Total Return E,F | (33.77)% | 22.86% | 47.00% | 35.88% | (2.96)% | 29.42% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .61% I | .73% | .73% | .64% | .67% | .67% | ||||||
Expenses net of fee waivers, if any | .60% I | .73% | .73% | .64% | .67% | .67% | ||||||
Expenses net of all reductions | .60% I | .73% | .73% | .63% | .66% | .66% | ||||||
Net investment income (loss) | (.12)% I | (.41)% | (.19)% | .29% | .22% | .33% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 2,246 | $ | 3,582 | $ | 3,228 | $ | 2,075 | $ | 1,621 | $ | 1,777 |
Portfolio turnover rate J | 33% I | 28% | 45% | 73% | 88% | 128% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Fidelity Trend Fund | $3 |
Gross unrealized appreciation | $875,799 |
Gross unrealized depreciation | (202,650) |
Net unrealized appreciation (depreciation) | $673,149 |
Tax cost | $1,596,269 |
Purchases ($) | Sales ($) | |
Fidelity Trend Fund | 475,439 | 648,403 |
% of Average Net Assets | |
Fidelity Trend Fund | .03 |
Amount | |
Fidelity Trend Fund | $10 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Trend Fund | Borrower | $5,750 | .64% | $4 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Trend Fund | 18,977 | 25,753 | (11,101) |
Amount | |
Fidelity Trend Fund | $3 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Trend Fund | $2 | $- A | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Trend Fund | $605 | .58% | $- A |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 to June 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period- C January 1, 2022 to June 30, 2022 | |||||||
Fidelity® Trend Fund | .60% | |||||||||
Actual | $ 1,000 | $ 662.30 | $ 2.47 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.82 | $ 3.01 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Trend Fund’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Trend Fund’s (the “Trust”) disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Trend Fund
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 19, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 19, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | August 19, 2022 |